Nigeria’s inflation rate drops to 22.97%

The National Bureau of Statistics, NBS, on Monday, announced that Nigeria’s headline inflation rate has dropped to 22.97 percent

This marks a 0.74 percentage point decrease compared to the 23.71% recorded in April.

On a month-on-month basis, inflation slowed to 1.53% in May, down from 1.86% in April indicating a more moderate rise in overall prices

On a year-on-year basis, the NBS said the headline inflation rate was 10.98 per cent lower than the rate recorded in May 2024 (33.95 per cent).

It stated that the easing in inflation was driven by a slowdown in price increases across key segments, including farm produce, utilities, clothing, and health.

Inaddition, NBS announced that food inflation declined to 21.14 percent in May from 21.16 percent in April.

The statistics office attributed this sharp decline largely to base-year effects following the inflation rebasing methodology.

On a month-on-month basis, however, food inflation increased marginally to 2.19 percent in May from 2.06 percent in April.